What Is PPI And How To Claim PPI Compensation

Perhaps one of the most attractive financial products ever created is the credit card.  It is a revolving line of credit offered to customers by financial institutions. Almost every one has a credit card today, which comes in handy when you fall short of cash and need to make a purchase.  Every credit card has a unique identification number which helps to speed up the shopping transaction.

The majority of people who engage with a financial institution on the basis of obtaining a loan, credit card or HP agreement will probably have taken out some sort of Payment Protection Insurance, commonly known as PPI. It has recently come to light that many people who have purchased PPI may have been mis-sold and therefore entitled to PPI compensation. Common factors that should be checked when assessing if any compensation is payable are: Unemployment cover, medical aspects, and ‘single premium’ loan purchases, details appertaining to the insurance cover and whether you have consolidated your borrowing.

How do you know that you are eligible for PPI Compensation to get a PPI reclaim on your side? If you fall within any of these categories there is a strong possibility that you will be eligible for compensation.

1. You were not in work or self employed at the time of sale

2. You were pressured into buying the PPI 

3. You were told it was compulsory at the time of sale.

4. You were not asked whether you had any other insurance which would cover the loan

5. The terms and conditions of the policy were not explained to you.

6. You increased your loan and the PPI was increased automatically 

7. You were sold PPI that included cover for future unemployment when you were not in fact working. This is mis-selling. You have grounds to claim a refund.

All of these make situations can make you eligible for PPI Compensation Claims and you can file a complaint to the Financial Ombudsman. Usually PPI compensation claims take no longer than 8 weeks to process and handle. Banks and lenders however have recently been granted an 8 week extension as they were finding it difficult to catch up with the back log of claims which built up during the recent judicial review. If you claim via an agent you probably stand a 95% of them winning your PPI claim in full. So do not delay as compensation claims are time limited, so to see if you can claim today, take the 60 second test and find out if you are eligible for PPI Compensation.

Read More

Information On PPI Compensation

If you have taken out a personal or secured loan, or a store card or credit card, there's a good chance that you have payment protection insurance. It has been estimated that 20 million policy-holders have been mis sold Paymentprotection insurances. Many of these people are completely unaware that they have been sold this policy. Protection Insurance is a form of insurance that is used to cover an outstanding debt, usually on a loan or overdraft. PPI has a good profit. Due to this massive gain, many banks sell these Payment protection insurances. 

A forced PPI is when the lender refuses to give you the loan till you've taken the PPI. This qualifies as mis sold Payment Protection Insurance since you had no choice. In this case you can make your claim once you have finished paying the debt. Apart from the reclaiming you're PPI, you could also apply for compensation for the mis sell. This is done by the two ways. One obviously is to try and make a claim yourself, and the second is to make a claim via an agent. If you need to claim PPI compensation, you will need to wait at least four months after losing your employment to get coverage. Most policies will pay from 12 to 24 months. An average claim for mis sold PPI is around £2,500 so if you have had one or more PPI policy in the past five years then clearly it is well worth your while in claiming PPI compensation.

If you feel that you were forced into taking out insurance and you want to try to claim, then you can probably do this with no financial risk to yourself, even with full legal support! All these worries however, are largely unfounded. There are many companies operating within the UK that specialise in PPI compensation claims, as well as a huge number of websites that can help guide you through the process but each will have slightly different ideas and charges. Getting help from a professional company will increase the chances of your money recovery. So do not delay as compensation claims are time limited, so to see if you can claim today, take the 60 second test and find out if you are eligible for PPICompensation.

Read More